Visma expands in the Nordic market by acquiring e-conomic and SpeedLedger of HgCapital. This strengthens Visma’s position as a leading SaaS provider of cloud-based accounting system to the country’s small businesses and accounting firms.
– The acquisition of E-conomic and SpeedLedger is an important part of Visma’s initiative to simplify and streamline the accounting process for small businesses. Thanks to the acquisition we will be able to create new opportunities and offer our customers more and better products and services, says Øystein Moan, CEO of Visma.
Leading providers of cloud-based services
Visma is today, by Visma SPCS, the Nordic leader in SaaS solutions, that is cloud-based accounting system for small businesses and accounting firms. The acquisition strengthens Visma’s leading position in Sweden and also increasing its presence in the Danish market. To take advantage of the companies’ joint expertise puts Visma also a development center for cloud-based products and services in Copenhagen.
– E-conomic and SpeedLedger has had an impressive growth in the Nordic countries in recent years. With our common vision to make accounting processes simpler for small businesses, Visma is the perfect partner to bring e-conomic and SpeedLedger to the next level, says Nic Humphries, managing partner of HgCapital.
E-conomic and SpeedLedger delivers online-based tools for bookkeeping and accounting. SpeedLedger is mainly active in the Swedish market, while e-conomic is based in Copenhagen and supplies its products to more than 100 000 European companies. The acquisition of e-conomic’s Nordic operations and thus retains HgCapital a majority stake in e-conomic international operations, as well as their subsidiaries Debitoor.
– We are proud to Visma enters as majority owner of SpeedLedger. It gives us the ability to invest long term and thus create even greater value for our customers. Together we Visma Company a unique and market-leading product portfolio in terms of SaaS services for the country’s small businesses and accounting firms, says Magnus Nilselid, CEO of SpeedLedger.
E-conomic and SpeedLedger will operate as independent companies within the Visma Group during their current brands.
About SaaS
Software as a Service, SaaS, is a cloud-based service for providing software via the Internet. As the software is in the cloud, you can access it from any computer with an Internet connection. Google and Facebook are examples of SaaS solutions, where users do not have to download an application to use the service.
For more information, contact
Øystein Moan, CEO of Visma AS, +47920 80 00
Nic Humphries, Managing Partner, HgCapital, +44 (0) 20 7089 7888
About E-conomic
E-conomic was founded in 2001 in Copenhagen and is one of Europe’s leading providers of SaaS solutions for small and medium businesses. More than 100 000 European companies use their core product E-conomic, a subscription service for accounting. For more information, see www.e-conomic.com
About SpeedLedger
SpeedLedger is an online accounting software for small and medium entrepreneurs. They have a fast growing client base of companies and close cooperation with all major banks in Sweden. SpeedLedger founded in 2001 by Magnus Nilselid and Jan Thorshag, both still active managers and shareholders. For more information, see www.speedledger.se
About HgCapital
HgCapital is an investment company that works to support management teams in developing leading companies. Knowledgeable and resourceful team focuses on specific sectors and investment areas to identify established businesses in industries that have the potential to grow faster than its market, create jobs and become the market leader in its sector. HgCapital manager provides practical support to management teams to help them realize their growth ambitions. HgCapital invests in expanding areas of TMT, services, industry and renewable energy sector in Western Europe.
HgCapital is based in London and Munich. The company manages more than five billion pounds sterling in the capital for some of the world’s leading public and private investors. For more information, see www.hgcapital.com
Visma make operations more efficient by delivering software, outsourcing services, procurement solutions, collection services, store data solutions, and IT-related development and consultancy. We simplify and automate business processes both in the private and public sectors. 340 000 Northern European customers use our products and services, and a further 330 000 are using us as a hosting partner. We are 6 400 employees and had sales of 7.1 billion NOK in 2014.
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